Centers of Excellence in Geriatric Research and Training Act of 1987 - Amends the Public Health Service Act to require the Director of the National Institute on Aging to enter into cooperative agreements with and make grants to public and private nonprofit entities to pay costs of development or expansion of centers of excellence in geriatric research and training. Requires each such center to use the facilities of a single institution or be formed from a consortium. Requires centers to conduct research into the aging processes and into diagnosis and treatment related to aging, advanced training programs, programs to develop individuals capable of conducting research, and educational and training activities for students of the health professions. Requires centers to place primary emphasis on training physicians to train other physicians and students in geriatrics.

Requires the Director to conduct an evaluation and report annually to the Congress.

Authorizes appropriations for FY 1988 through 1990.